{"data":{"id":"us-nj/n.j.-stat.-52-27d-464","jurisdiction":"us-nj","citation":"N.J. Stat. § 52:27D-464","heading":"Submission of ordinance as application","body":"16.  When an ordinance establishing or amending a district has passed first reading, it shall be submitted as an application, together with all included and incorporated certificates and documents and such additional documentation as the board may by rule prescribe, to the board.\nThe board shall approve the ordinance if it determines that:\na.\tthe planned developments are likely to be realized and would not likely be accomplished by private enterprise without the creation of the district and the revenue allocation financing of the proposed project or projects;\nb.\tthe revenue increments and any other pledged revenues will be sufficient to pay debt service on bonds issued to effectuate the plan;\nc.\tthe credit of the municipality and its ability to pay the principal of and interest on its debts and to provide essential public services will not be impaired;\nd.\tthe creation of the district will contribute to the economic development of the municipality;\ne.\tthe size of the proposed district and the amount of the pledged revenues do not exceed the size and amount necessary to accomplish the purposes of the plan;\nf.\tany insufficiency or shortfall in the amount of the revenue or guarantees pledged to pay debt service or bonds issued to effectuate the plan would not pose inappropriate risk or undue financial hardship to the taxpayers of the community;\ng.\tthere are no other factors which, in the determination of the board, will impair the credit of the municipality or reduce its ability to pay punctually the principal of and interest on its debts and supply other essential public improvements and services; and\nh.\tthe planned development does one or more of the following:  promote approaches and concepts to reduce congestion; enhance mobility; assist in the redevelopment of our municipalities; and otherwise improve the quality of life of our citizens.\nL.2001,c.310,s.16.","path":["TITLE 52 STATE GOVERNMENT, DEPARTMENTS AND OFFICERS"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"056158aef54ae66cf2f499c6ca4802a7c1d1c4c04f792e395e47c1223289d7b9","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-52-27d-463","next":"us-nj/n.j.-stat.-52-27d-465"},"notice":"GroundRules: Original legal text. Not legal advice."}